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Crypto.com plunged 4% over the past day
Crypto-exchange-specific tokens also look bearish in volume
CRO Retests Weak Key Support
The Crypto.com CRO/USD price is trading around $0.1051 after dropping 4.92% over the past day. The weekly loss of tokens is currently 11.04%. Bearish turns are not unique to CRO. Some tokens specific to crypto exchanges are also facing selloffs.
BNB token is down 6% while Huobi token and FTT are down 3.04% and 11% over the past week. This trend may be related to low trading activity during the prolonged market correction. Today, the cryptocurrency market capitalization has fallen by 3.7% to $961 billion.
Cronos, officially called the crypto.com token, is used for payments, transactions, and financial services. Digital assets are backed by Crypto.com, one of the fastest growing cryptocurrency exchanges. Despite the exchange’s recent addition of support for native assets on its NFT platform, CRO remains bearish.
The deal will allow users to trade the native tokens of Minted, a Cronos Labs startup. This entity will allow him to list and purchase over 10 million NFTs on the CRO and Ethereum blockchains. Another fundamental aspect hindering CROs is related to regulatory aspects.
The exchange was recently forced to suspend a UEFA league sponsorship deal worth $500 million. Crypto.com, known for its partnerships with sports companies, cited regulatory concerns. The technical outlook doesn’t look good either.
Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and offers global trading services in approximately 100 countries and regions.
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Source: Trading View
From the daily chart above, CRO is trading in a trend of lower highs and lower lows. It rose from $0.1557 on August 13th to $0.1051 today, marking a 32% decline. The downward pressure has pushed the CRO below the 20 and 50-day moving averages.
At 13, the Stochastic Oscillator is in the oversold zone, indicating a possible trend reversal for the token. However, trend reversals are still subject to changes in sentiment. In that case, the immediate resistance level will shift to $0.1213.
CRO faces bearish pressure as momentum wanes. The token is in the oversold zone, but no trend reversal has been seen. The token is retesting for support and may trade lower if levels do not hold.
